Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered -5.34% gross of fees (-5.51% net of fees) underperforming the Russell 1000 Growth Index’s return of -3.13%. Security selection and allocation effects led the portfolio to underperform in the quarter. Holdings in Health Care, Industrials, and Financials detracted from the relative performance of the quarter. Information Technology and Real Estate, as well as overweight exposure to healthcare, contributed to relative returns in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Large Cap Growth Strategy highlighted stocks like NXP Semiconductors N.V. (NASDAQ:NXPI) in the third quarter 2023 investor letter. Headquartered in Eindhoven, the Netherlands, NXP Semiconductors N.V. (NASDAQ:NXPI) provides various semiconductor products. On October 23, 2023, NXP Semiconductors N.V. (NASDAQ:NXPI) stock closed at $182.35 per share. One-month return of NXP Semiconductors N.V. (NASDAQ:NXPI) was -6.48%, and its shares gained 22.60% of their value over the last 52 weeks. NXP Semiconductors N.V. (NASDAQ:NXPI) has a market capitalization of $47.889 billion.
Aristotle Large Cap Growth Strategy made the following comment about NXP Semiconductors N.V. (NASDAQ:NXPI) in its Q3 2023 investor letter:
“We sold NXP Semiconductors N.V. (NASDAQ:NXPI) to reduce our exposure to the automotive sector in semiconductors following the strong returns over the past 3 years. We are seeing early data of slowing global auto sales due to macroeconomic conditions and higher interest rates. While we think this may be a shorter-term slowdown, the risk is increasing of elevated inventory levels and pricing headwinds.”
A close-up of a semiconductor component, highlighting its complex design. Editorial photo for a financial news article. 8k. –ar 16:9
NXP Semiconductors N.V. (NASDAQ:NXPI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held NXP Semiconductors N.V. (NASDAQ:NXPI) at the end of second quarter which was 53 in the previous quarter.
We discussed NXP Semiconductors N.V. (NASDAQ:NXPI) in another article and shared the list of technology stocks to buy that are cheap to ignore. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.
Suggested Articles:
- 20 Biggest Countries With Mandatory Military Service
- 12 Weapon Importing Countries in the World
- 12 Most Expensive Luxury RVs in the World in 2023
Disclosure: None. This article is originally published at Insider Monkey.
